MSHDA awards $11.7 million for development or rehabilitation of 18 affordable housing projects

LANSING, Mich. – January 26, 2015 – (RealEstateRama) — Michigan residents seeking affordable housing should see their options increase in 2016. Kevin Elsenheimer, executive director at the Michigan State Housing Development Authority, announced more than $11.7 million for 18 Low-Income Housing Tax Credit projects around the state.

The federal tax credits are administered by MSHDA after a competitive application process. In the latest round of funding, 1,077 units of affordable rental housing are planned to be built or rehabilitated for low- to moderate-income individuals and families.

“These tax credits are essential for providing the incentive developers need to renovate and construct quality, affordable housing which is in high demand for Michigan families, seniors and special needs populations,” Elsenheimer said.

Since the program’s inception thirty years ago, LIHTC has proved to be an effective vehicle for raising private-sector community investments. MSHDA estimates that this round of LIHTC awards alone will leverage roughly $113 million in private investment for Michigan.

More jobs will also be an outcome of this round of tax credits. The National Association of Home Builders job creation formula projects that almost 1,250 new Michigan jobs will be generated, at least half of which are set to be construction-related.

MSHDA holds two funding rounds per year, in October and April, each for half of the available credit. Michigan’s annual authority for 9 percent LIHTC is approximately $22 million.

The 18 projects that earned LIHTC awards in this funding round:

28 West Grand River, Detroit
Developer: 28 Grand River Developer LLC
LIHTC Award: $1,388,955

Bailey Center, East Lansing
Developer: CAHP Bailey Development LLC
LIHTC Award: $681,900

Center City Downtown Hillsdale, Hillsdale
Developer: Excel Realty Investors 100 LLC
LIHTC Award: $682,824

Central Towers Apartments, Detroit
Developer: American Community Developers, Inc.
LIHTC Award: $1,290,837

Copper Hills Apartments, Houghton/Lake Linden
Developer: PK Development Group LLC
LIHTC Award: $337,218

Diamond Place, Grand Rapids
Developer: PK Development Group LLC
LIHTC Award: $1,487,830

Heather Gardens, Kalamazoo
Developer: LIFT Foundation
LIHTC Award: $685,959

Jefferson Oaks, Oak Park
Developer: Community Housing Network, Inc
LIHTC Award: $1,496,988

Mack Ashland II, Detroit
Developer: Southwest Housing Solutions Corporation
LIHTC Award: $717,043

Meadow Park, Big Rapids
Developer: Big Rapids Housing Commission Nonprofit Corporation
LIHTC Award: $127,480

Miller Court Senior Apartments, Paw Paw
Developer: RAD Conversion Specialists LLC
LIHTC Award: $525,084

Oak Hill Apartments, Ionia
Developer: TJ Acquisitions LLC
LIHTC Award: $131,990

Restoration Towers, Detroit
Developer: Community Outreach Services Corporation
LIHTC Award: $772,784

River View Place Apartments, St. Louis
Developer: DeShano Development Corporation
LIHTC Award: $298,289

Sheldon Place IV, Gaylord
Developer: DeShano Development Corporation
LIHTC Award: $357,684

Unity Park Rentals II, Pontiac
Developer: Community Housing Network, Inc
LIHTC Award: $280,592

Vintage Court Apartments, Lawton
Developer: TJ Acquisitions LLC
LIHTC Award: $137,634

Woodland Place, Hart
Developer: Gryphon Group LLC
LIHTC award: $364,377

The Michigan State Housing Development Authority (MSHDA) provides financial and technical assistance through public and private partnerships to create and preserve decent, affordable housing for low- and moderate-income residents and to engage in community economic development activities to revitalize urban and rural communities.*

*MSHDA’s loans and operating expenses are financed through the sale of tax-exempt and taxable bonds as well as notes to private investors, not from state tax revenues. Proceeds are loaned at below-market interest rates to developers of rental housing, and help fund mortgages and home improvement loans. MSHDA also administers several federal housing programs. For more information, visit www.michigan.gov/mshda.

Contact:
Misty Miller
MSHDA Communications
517-373-1858